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Banco Santander wants to create a new insurance broker in Spain

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Based on a feed excerpt; full article content has not been acquired. Source evidence retrieved 21/10/2026, 18:26:24 UTC.

Briefings

Banco Santander hired KPMG to select a new insurance broker in Spain, aiming to retain 49% of the capital while selling the majority to a new partner. The selection process is ongoing, with the bank expecting to finalize the choice before year-end. The bank invited a restricted group of brokers, including WTW, Aon, Sabseg, and Alkora, while excluding major competitors like Marsh. The new joint venture will channel current business with WTW, which serves high-value corporate clients with over €50 million annual premiums. If WTW loses the bid, the bank risks losing this partnership. Aon and Sabseg participation may raise conflicts of interest concerns due to their connections to the banking group. This initiative targets Spain's 450,000 corporate clients, currently holding 2.5 million insured policies against a total of 9.3 million active customers.

Key points

• Banco Santander hired KPMG to select a new insurance broker in Spain, aiming to retain 49% of the capital while selling the majority to a new partner.
• The bank invited a restricted group of brokers, including WTW, Aon, Sabseg, and Alkora, while excluding major competitors like Marsh.

Context

Banco Santander is expanding its insurance brokerage strategy in Spain by partnering with KPMG to select a new entity. This move targets the bank's 450,000 corporate clients, currently holding 2.5 million policies against a total of 9.3 million active customers. The bank also maintains a partnership with Mapfre for auto and SME coverage. The initiative aims to grow the insured base by nearly tripling current holdings.

Limitations

Selection process is ongoing with a target of finalizing before year-end. WTW partnership is at risk if they lose the bid. Aon and Sabseg participation may raise conflicts of interest concerns. Coverage is limited to Spain; data reflects 2025-2026 period and snapshot limitations.

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